Carntyne and Blairdardie Bundled Schools hub Project

QMPF advised hub West Scotland Project Company 6 Limited (“DBFMco”) on the Carntyne and Blairdardie Primary Schools hub project, the sixth Design, Build, Finance and Operate (DBFM) project signed by the territory. The SPV consists of Wellspring Partnership (a consortium of Morgan Sindall Investments, Community Solutions and Apollo Capital Projects), Scottish Futures Trust Investments and HCF Investments. The project combines the delivery of both Blairdardie and Carntyne Primary Schools as a single transaction, delivering new 21st century schools in both the east and west of Glasgow.

Financial close was achieved in October 2017. The senior funding of c.£17m is being provided by Nord/LB with subordinated debt from DBFMco of c. £1.5m.

QMPF provided financial advice to the consortium, with Burness Paull providing legal advice. Our role included development and management of the financial models through affordability, Scottish Government/SFT approval gateway and financial close stages of the project. We liaised with the sponsors, funder and model auditor to efficiently conclude the financial modelling for the project and provide all parties with project sensitivities sufficient to support the delivery of funding. QMPF also assisted Burness Paull with the review and negotiation of the project documents and led the debt pricing process at financial close.